Vietnam Today

UK second-highest investor in August

Released at: 15:39, 27/08/2015

$1.2 billion real estate project in HCMC puts country behind only South Korea.

by Quynh Nguyen

A report on investment in Vietnam during August from the Foreign Investment Agency (FIA) under the Ministry of Planning and Investment put the UK in second place thanks to a large real estate project worth $1.2 billion in Ho Chi Minh City.

There were 55 countries and territories with investment projects in Vietnam in August. South Korea led with total newly-registered and additional capital of $5.26 billion, accounting for 39.5 per cent of the total.

The UK ranked second with investment capital of $1.25 billion, accounting for 9.39 per cent, while the British Virgin Islands was third with $973.6 million, or 7.3 per cent of the total.

The project pushing the UK into second place is Empire City, located in the Thu Thiem urban area and invested by a joint venture between local property firms Tien Phuoc JSC and Tran Thai Co. with the UK-based Denver Power Ltd.

Investment cooperation between Vietnam and the UK has been on the increase. In the Vietnam - UK Joint Statement released during the visit by UK Prime Minister David Cameron to Vietnam in July, it was said that Vietnam’s success is creating a stable environment for foreign investors. Mr. Cameron hoped that Vietnam and the UK would strengthen cooperation and reached further agreements to attract investment.